India, March 27 -- In light of the coronavirus pandemic, the Reserve Bank of India has allowed banks to offer a moratorium of three months on all term loans. Does this cover your car loan as well?
Loan borrowers can breathe a sigh of relief as the Reserve Bank of India (RBI) today announced a moratorium on EMIs in light of the ongoing coronavirus pandemic. In layman speak, the RBI has officially permitted banks to allow customers a relief from paying their monthly EMIs for the next three months. What does this mean with respect to your existing car or two-wheeler loan? We answer all the questions.
1.) Will my upcoming car / two-wheeler EMI not be deducted for the next three months?
The Reserve Bank of India has only 'permitted' lending i...